Economy News

Joe Biden signs short-term funding bill to avert govt shutdown

Joe Biden signs short-term funding bill to avert govt shutdown

Washington: The US President Joe Biden has signed a short-term funding bill that will keep the federal government running through February 18, 2022, avoiding a looming partial shutdown."Funding the government isn't a great achievement. It's a bare minimum of what we need to get done," Xinhua news ag...

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Omicron concerns: 'Reverse Repo' hike can wait, says SBI Ecowrap

Omicron concerns: 'Reverse Repo' hike can wait, says SBI Ecowrap

Mumbai: The need to raise 'Reverse Repo' rate during the upcoming monetary policy review "can wait" till concerns over Covid-19's new variant --Omicron are addressed, said SBI Ecowrap report.Lately, concerns have risen over Omicron's impact on growth.The monetary policy review is slated for December...

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India's foreign exchange reserves down $2.71 bn

India's foreign exchange reserves down $2.71 bn

Mumbai: India's foreign exchange reserves fell by $2.71 billion during the week ended November 26.The Reserve Bank of India's forex reserves decreased to $637.687 billion from $640.401 billion reported for the week ended November 19.India's forex reserves comprise foreign currency assets (FCAs), gol...

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Rupee Forecast: Lower oil prices to counter Omicron fears; yet rupee to remain subdued

Rupee Forecast: Lower oil prices to counter Omicron fears; yet rupee to remain subdued

Mumbai: Concerns over new Covid-19 variant Omicron, as well as continued foreign fund outflows, will keep Indian rupee subdued during the upcoming week.Besides, rising trade deficit along with fears of US tapering measures are likely to hamper any appreciation move.However, the downside will be capp...

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Gita Gopinath to replace Okamoto as IMF's First Deputy Managing Director

Gita Gopinath to replace Okamoto as IMF's First Deputy Managing Director

Washington: The International Monetary Fund (IMF) has announced that Gita Gopinath, currently chief economist of the IMF, is set to succeed Geoffrey Okamoto as the institution's First Deputy Managing Director (FDMD) early next year."Especially given that the pandemic has led to an increase in the sc...

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Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%

Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%

New Delhi: Higher central fiscal spending as well as consumption recovery and healthy monsoon season accelerated India's Q2FY22 GDP growth rate to 8.4 per cent on a year-on-year basis.Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility s...

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Fiscal push: India's Q2FY22 GDP growth up 8.4% YoY

Fiscal push: India's Q2FY22 GDP growth up 8.4% YoY

New Delhi: Healthy monsoon season along with pent-up demand accelerated India's Q2FY22 GDP growth rate to 8.4 per cent on a year-on-year basis.India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal.On a sequential basis, the GDP growth rate during Q...

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India's Apr-Oct fiscal deficit over 36% of FY22 target

India's Apr-Oct fiscal deficit over 36% of FY22 target

New Delhi: India's April-October budgetary fiscal deficit has reached 36.3 per cent of the FY22 target.As per the data furnished by the Controller General of Accounts (CGA), the fiscal deficit -- the difference between revenue and expenditure -- for the April-October 2021-22 period stood at Rs 547,0...

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Fiscal Push: India's Q2FY22 GDP growth seen between 7-9%

Fiscal Push: India's Q2FY22 GDP growth seen between 7-9%

New Delhi: Healthy monsoon season along with pent-up demand are expected to accelerate India's Q2FY22 GDP growth rate to over 7 per cent during Q2FY22, experts said.Besides, rise in service activities amid further improvement in mobility and increased government spending will support the trend, indu...

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Omicron may impact APAC economic recovery: Moody's Analytics

Omicron may impact APAC economic recovery: Moody's Analytics

New Delhi: Low vaccination rates against the Covid-19 disease in Asia-Pacific countries, including India, may add to the existing risk to the recovery of the economy, according to a new analysis by Moody's Analytics.Countries including India, Myanmar, Laos, Indonesia, Hong Kong, Thailand, the Philip...

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